05 Dec Vw Credit Legal Department
McGuireWoods congratulates Kevin McDonald for going the extra mile to provide effective and efficient legal and business solutions to Volkswagen Credit, Inc. At McGuireWoods, we share Kevin`s commitment to excellence in everything we do that gives our clients a competitive edge. Our firm has earned the loyalty of its many long-standing clients through a deep understanding of their business and extensive capabilities in corporate transactions, high-stakes litigation, and complex regulatory and compliance issues. Together with our wholly-owned government affairs subsidiary, McGuireWoods Consulting, our goal is to provide our clients with nothing less than world-class advice and service. Your lease end date is available on your monthly statements as well as in your lease. You can also check the end date of your lease by consulting your account at vwcredit.com/MyAccount. If you have made repairs to the vehicle after the inspection, you can send your receipts by e-mail to email@example.com or by fax to +1 800 824 8284. Receipts are reviewed, fees adjusted accordingly, and you receive an updated billing invoice. The CFPB regularly publishes regulatory notices arising from consumer complaints.
“We take regulatory highlights and guide them through our systems to identify compliance gaps,” McDonald says. The software helps identify which department these gaps are coming from, and with this information, the compliance team can find ways to resolve issues. Please enter your Volkswagen credit account number and send your payment to the payment address shown on your monthly statement. Payments initiated Monday through Saturday before 11:59 p.m. CST will be credited to your account on the same business day. Payments are initiated before 23:59 on Sundays and public holidays. CST will be credited to your account on the second business day following payment. Individuals can call VCI for a reduction in the interest rate on their car lease or loan (“loan”) under the Military Civil Relief Act. In these cases, the VCI responds with a series of procedures that ensure compliance with the law and allow those who serve the country to fulfill their duty with less concern for their finances. The easiest way to pay. You can sign up for automatic payments via My Account or contact us to send you a registration form. We do not accept debit or credit cards as monthly payments.
Although the CFPB published a guide to support compliance, there were no IT systems or training programs out of the box. The software and training modules had to be created from scratch and were coordinated and monitored by a compliance committee made up of executives from multiple departments. McDonald had spent most of his career working as a lawyer for Volkswagen, which includes motorcycle brands Audi and Ducati, including a stint in Germany. Shortly after being appointed General Counsel of the VCI, he was appointed to head a new compliance department in response to the Dodd-Frank legislation. He started with an employee of his department; Today, he leads a team of twenty-four people. Given the breadth of the Dodd-Frank Act – about 2,300 pages, not counting the more than four hundred regulations that followed – more help is helpful. One of the CFPB`s first priorities was fair lending. The bureau worked to ensure that auto finance companies offered access to credit to all customers, regardless of gender, race and age.
McDonald and his staff worked closely with outside lawyers who had worked with banks on loan compliance to develop VW Credit`s program. Based on their regulatory experience in other areas of finance, these compliance experts made accurate inferences about what the CFPB would adopt for auto financing. “We`ve found that it`s more effective to hire people who know the company`s processes and then teach them about compliance,” McDonald says. There are many great resources to help train compliance professionals, including the National Automobile Finance Association (NAF). McDonald, a law graduate from German and American universities, also received NAF certification for consumer credit compliance. “Compliance is a continuous learning experience,” he says. Bouch resigned in August 2019 after more than three years with the company following an internal Volkswagen investigation and is now senior legal counsel at Barclays, according to his LinkedIn profile. During your lease, you can defer payments. In addition to your last monthly payment, your final payment includes these deferred payments. For example, if you deferred payments for two months, you will have three monthly payments due instead of one monthly payment on your last payment date. In the event that this final payment is not paid in full, late fees may be charged. They can also impact credit reports.
Please contact us at +1 800 428 4034 to discuss your options. “Previously, oversight was only at the state level,” says Kevin McDonald, senior vice president, chief compliance officer, general counsel and secretary of VW Credit. He is also an adjunct professor of law at Washington University School of Law in St. Louis, where he teaches consumer law. “After Dodd-Frank, we needed to ensure that our compliance program was designed to meet the myriad needs of a new federal agency.” A few weeks after your departure from the dealership, you will receive your personalized welcome booklet by mail. This includes your account information. McDonald`s took care of building a compliance management system by first prioritizing the company`s procedures and policies. These included written policies, staff training modules, procedures for responding to consumer complaints, complaint analysis, and resulting policy reviews and revisions. Initially, staffing was difficult because compliance discipline was new in auto finance and there were no employees inside or outside the company with experience in this particular area, particularly with respect to the CFPB.
The McDonald`s team is also committed to improving compliance with internal customer complaints. While compliance with Dodd-Frank regulations requires significant labor and costs, it leads to better customer service, McDonald`s says. “It takes a team to win,” he adds, “and no one can ever manage compliance alone. I`m where I am thanks to my amazing team of compliance experts. They are dedicated to compliance as well as supporting their customers. If you spot trends and solve systemic issues, you`ll have a better customer experience. » Protect your vehicle: Take advantage of our extended coverage options for Volkswagen Drive Easy. For all financial applications from Volkswagen Credit, click here. VW Credit, Inc. (VCI), a wholly-owned subsidiary of Volkswagen Group of America, Inc., was founded in 1981 as the financial services arm of Volkswagen Group of America, Inc.
VCI, a captive financing, serves private customers and Volkswagen and Audi dealers under the name Volkswagen Credit and Audi Financial Services, providing dealers and their customers in the U.S. with competitive financial products and services, including retail leasing, retail and balloon financing, and wholesale financing for new and used vehicles. We maintain a remarketing service for the disposal of rented/balloon contracted vehicles and all used company vehicles. VW Credit, Inc. does business with administrative staff and a field service organization in the following locations:Herndon, Virginia HeadquartersField Sales and Marketing and Risk Management Region Offices:Midwest Rosemont Region, ILNortheast Region Woodcliff Lake, New Jersey Pacific Region Westlake Village, California Southeast Alpharetta Region, GeorgiaSouth Central Irving (TexasAutomotive Retail Service CenterChicago Automotive Service Center) Libertyville (IllinoisPortland Automotive Service) Hillsboro Center, Oregon.